SBM to close five branches in consolidation drive

SBM to close five branches in consolidation drive

Mauritius-backed lender SBM has announced plans to shut down five of its branches as it seeks to rationalize its operations.

In a notice to customers, the bank indicated it would close down outlets in Ngara, Dagoretti, Lunga Lunga road, Jomvu and Mombasa (Moi Avenue) from December 12, 2020.

The latter branch will close last on December 30 while the other four outlets will close their doors to customers after December 11.

“We are reviewing the distribution of our branch network in light of proximity to our client locations and our other flagship branches,” the bank stated in the note to customers.

“This review is necessary to rationalize our presence in different locations in light with current and potential client activity on one hand, and on the other, the related services required.”

SBM will now operate 46 branches in the country with the majority of the outlets concentrated around Nairobi.

The lender becomes the second bank to completely shut branches this year after NCBA’s closure of 14 banking halls in July in what it termed as a post-merger consolidation stance.

The rundown of brick and mortar banking halls continues to be accelerated in part by the digitization of the industry.

The COVID-19 pandemic has served as further fuel to the switchover.